The Warwick Village Commons in Jamison, which includes Wawa and Tractor Supply stores as well as approximately 12 acres of undeveloped land, has been acquired by California-based ExchangeRight for $12.17 million, writes Ryan Mulligan for the Philadelphia Business Journal.
Arctrust of Clifton, New Jersey, and Doylestown-based Verrichia built the property as part of a joint venture. They purchased the site from Wawa in 2014 for $2 million.
However, following a breach of contract lawsuit against Verrichia, Arctrust took full control of the property. It then acted as the seller in the latest all-cash deal.
The Wawa opened in 2015 and includes a gas station. The lease runs through September 2035, with a current annual rent of $412,500.
Tractor Supply opened six years later and also holds a long-term lease, with current rent of $315,000. Both leases include scheduled rent increases in future years.
“Adding Wawa to ExchangeRight’s tenants alongside Tractor Supply in such a strong market is a natural fit with our national portfolio of recession-resilient tenants and long-term net leases,” said Sam Susanin, the director of acquisitions for ExchangeRight.
Learn more about the Warwick Village Commons sale and what’s next for the Jamison site in the Philadelphia Business Journal.
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